The House recently passed a bill that will restrict commercial companies from owning banks. Congressman Paul Gillmor (R-OH) is not only the sponsor of this bill, but also the proud owner of a bank. Does this present a conflict of interest? Well, Congress does not seem to think so.

With the approval of the House Committee on Standards of Official Conduct, Mr. Gillmor seeks to preserve the "golden age" of banking by preventing non-financial companies such as Wal-Mart and Home Depot from obtaining industrial loans, without "undermining the public interest." While this bill drew bipartisan support, it will nonetheless curtail competition with the banking industry...mere coincidence? Perhaps.

Common Cause press secretary Mary Boyle, quoted in the Toledo Blade, Mr. Gillmor's local Ohio paper, commented that "Mr. Gillmor receiving clearance to legislate on banking matters while he himself is a banker is more of a comment on Congress than on him." It is obvious that Mr. Gillmor has received the support of the banking industry and the independent federal regulators, however, the question still remains whether he is in pursuit of his own interests or those of his constituents.